“George Soros on Globalization”, 這是一本由世界知名的投機家喬治索羅斯所撰寫的一本書。在他的投資理念裡提到，一個成功的投資者思考必須全球化，而不是僅侷限於一個市場，甚至要全盤了解一個事件會如何引發連動效應。全球化就像是一把雙刃劍，它雖然為投資者與公司帶來了許多的機會與利益，但同時也為金融市場帶來了許多大問題。
本篇文章首先試圖用新方法(TVLCARR)研究此次2008年次貸危機在外匯市場間所造成的波動性傳染，並進一步地探討哪些總體因素可說明兩國間外匯的波動傳染現象。由本文的實證結果可發現利率差在次貸危機扮演了重要的角色，但對於其他總體因素來說似乎在解釋能力上較不顯著.

"George Soros on Globalization", a book wrote by George Soros who is an enormously successful speculator. In his investing philosophy, he believes that a successful investor must think globally, rather than confine to a narrow corner and need to know how an event will trigger another event off. Globalization, which is a double-edged, not only brings many benefits for investors and corporations but also causes big financial problem for world.
In this article, we will propose a new approach (TVLCARR) to capture the possible smooth transition in the range process and adopt the smooth transition copula function to detect the volatility contagion between FX markets due to subprime crisis in 2008. Furthermore, we detect what macroeconomic variables may explain the volatility contagion.
Empirical evidence shows that the difference of interest rate can explain the volatility contagion significantly. But other macroeconomic variables in this article are almost not significant.

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